President of the African Development Bank (AfDB), Akinwumi Adesina, has predicted that the Africa Continental Free Trade Area (AfCFTA) will soon become the largest globally.
Adesina made this known as he spoke at the Intra-Africa Trade Fair (IATF) on Monday in South Africa, where he urged investors to look to Africa for business opportunities.
Adesina said owing to the COVID-19 pandemic, the need for inter-regional trade is important adding that investors are not in business if they are not on the African continent.
“Investors know if you’re not in Africa, you’re not in business,” he said.
“Know that with over 50 countries harmonising tariffs, rules and standards, the Africa Continental Free Trade Area will soon become the largest free trade area in the world since the establishment of the World Trade Organisation.
“Basically, Africa’s entire development, trade and investment community is here to explore policy gaps in infrastructure, trade and regional integration.
“The second edition of the Intra-African Trade Fair offers an exceptional platform to negotiate deals and agree on the steps required to promote intra-regional trade and accelerate the operationalisation of the Africa Continental Free Trade Area.
“The Africa Continental Free Trade Area will create a market of 1.3 billion people and drive a combined gross domestic product of $3.3 billion. The size of consumer and business expenditures in Africa will rise to $6.7 trillion by 2030.”
